By Adriano Marchese

Gates Industrial shares were lower in premarket trading on Friday after the company said an investor is selling shares in a secondary offering.

Shares were trading 8.2% lower at 7:38 a.m. ET, down to $11.25.

The manufacturer of power transmission belts and fluid power products said stockholders affiliated with Blackstone are offering for sale 15 million ordinary shares in the company.

At Thursday's closing price of $12.25, the shares would be worth about $183.8 million.

They have also granted underwriters a 30-day option to purchase up to 2.3 million additional ordinary shares.

The offering is expected to close on Dec. 13.

Gates noted that it isn't offering any shares, and won't receive any proceeds from the sale.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

December 08, 2023 07:54 ET (12:54 GMT)

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